The drive by wire global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Drive By Wire Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The drive by wire market size has grown strongly in recent years. It will grow from $24.07 billion in 2023 to $25.44 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to demand for improved vehicle performance, safety and driver assistance systems, regulatory requirements and standards, reduction in mechanical complexity, fuel efficiency and emission reduction..
The drive by wire market size is expected to see strong growth in the next few years. It will grow to $31.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to innovations in aerospace and defense industries, consumer demand for advanced features, rise in electric and hybrid vehicles, integration of autonomous driving features, fuel efficiency and emission reduction.. Major trends in the forecast period include autonomous and electric vehicle integration, advanced safety and driver assistance features, enhanced vehicle performance and efficiency, regulatory compliance and standards,reduced mechanical complexity..
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Scope Of Drive By Wire Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Drive By Wire Market Overview
Market Drivers –
The increasing demand for electric vehicles (EVs) is expected to propel the growth of the drive-by-wire market going forward. Electric vehicles are vehicles that consist of a motor that is powered by electricity stored in batteries. It operates on electric motors and charges its batteries with electricity rather than using fossil fuels such as gasoline or diesel. In electric vehicles (EV), drive-by-wire technology uses electronic systems to activate brakes, control steering, and fuel the engine. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% in 2021. The number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV) sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. 73% of all plug-in electric car sales in 2021 were made up of EV sales. Therefore, the increasing demand for electric vehicles is driving the growth of the drive by wire market.
Market Trends –
Major companies operating in the drive-by-wire market are adopting a strategic partnership approach to develop steer-by-wire (SBW) products and other fields. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in October 2022, ZF Friedrichshafen AG, a Germany-based engineering company, partnered with Nio Inc., a China-based automobile manufacturer. The partnership between the two companies aims to establish an instantaneous information-sharing mechanism, fostering enhanced communication and regular technical exchanges. This partnership seeks to facilitate joint engagement in industry-leading processes and the establishment of high-quality standards. Beyond technical collaboration, ZF and NIO have outlined plans to extend their cooperation into areas such as brand promotion, product marketing, technology advancements, and quality enhancements, along with a focus on improving customer service. This agreement signifies a significant milestone as it marks ZF Group’s first venture into steer-by-wire collaboration with a customer in the Asia-Pacific region. Furthermore, both companies intend to work together to promote technological evolution and development across various fields, including autonomous driving and electrification.
The drive by wire market covered in this report is segmented –
1) By Vehicle Type: Passenger Car, Commercial Vehicle, Electric Vehicle, Off-Highway Vehicles
2) By Component: Vehicle Electronic Control Unit, Actuator, Engine Control Module, Electronic Transmission Control Unit, Feedback Motor, Sensors, Other Components
3) By Application Type: Throttle-By-Wire, Steer-By-Wire, Shift-By-Wire, Brake-By-Wire, Park-By-Wire
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Regional Insights –
Asia-Pacific was the largest region in the drive by wire market in 2023. Asia-Pacific is expected to be the fastest-growing region in the drive by wire market during the forecast period. The regions covered in the drive by wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the drive by wire market report are Continental AG, Robert Bosch GmbH, Zahnradfabrik Friedrichshafen AG, Nissan Motor Co. Ltd., Nexteer Automotive, Kongsberg Automotive Holding ASA, Curtiss-Wright Corporation, Hitachi Astemo Ltd., Nippon Denso Co.Ltd, Ficosa Corporation, Daimler Truck, ME Mobil Elektronik GmbH, Danaher Motion, Delphi Automotive PLC, Mobil Elektronik GmbH, Infineon Technologies AG, Chicago Telephone Supply, Orscheln Products LLC, KSR International Co., Stoneridge Inc., Dura Automotive Systems LLC, Kostal Automotive Electrical Systems, Schaeffler AG, Mando Corporation, JTEKT Corporation, Nippon Seiko Kabushiki Kaisha, Mitsubishi Electric Corporation, General Motors Company, Jaguar Land Rover Limited, Infineon .
Table of Contents
1. Executive Summary
2. Drive By Wire Market Report Structure
3. Drive By Wire Market Trends And Strategies
4. Drive By Wire Market – Macro Economic Scenario
5. Drive By Wire Market Size And Growth
…..
27. Drive By Wire Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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